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REGISTERED NUMBER: SC285958 (Scotland)














Financial Statements

for the Year Ended 30 June 2023

for

Fintry Renewable Energy Enterprise

Fintry Renewable Energy Enterprise (Registered number: SC285958)






Contents of the Financial Statements
for the Year Ended 30 June 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Fintry Renewable Energy Enterprise

Company Information
for the Year Ended 30 June 2023







DIRECTORS: G K Cowtan
D Howell
C J Robinson





SECRETARY: D Howell





REGISTERED OFFICE: Fintry Sports & Recreation Club
Kippen Road
Fintry
Glasgow
G63 0YA





REGISTERED NUMBER: SC285958 (Scotland)





AUDITORS: Henderson & Company
73 Union Street
Greenock
Renfrewshire
PA16 8BG

Fintry Renewable Energy Enterprise (Registered number: SC285958)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 263,113

CURRENT ASSETS
Debtors 5 128,412 277,438
Cash at bank 431,349 566,614
559,761 844,052
CREDITORS
Amounts falling due within one year 6 55,076 261,613
NET CURRENT ASSETS 504,685 582,439
TOTAL ASSETS LESS CURRENT
LIABILITIES

504,685

845,552

CREDITORS
Amounts falling due after more than one
year

7

-

61,500
NET ASSETS 504,685 784,052

RESERVES
Income and expenditure account 504,685 784,052
504,685 784,052

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 March 2024 and were signed on its behalf by:





D Howell - Director


Fintry Renewable Energy Enterprise (Registered number: SC285958)

Notes to the Financial Statements
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Fintry Renewable Energy Enterprise is a private company, limited by guarantee , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets
The rights to the income on the wind turbine were capitalised on acquisition and are written off in line with the capital repayment over the term of the contract which is 15 years.

Taxation
The tax expense for the year comprises current and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are recognised for all taxable timing differences. Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount for deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recoverd.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

Fintry Renewable Energy Enterprise (Registered number: SC285958)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position bank overdrafts are shown within borrowings in current liabilities.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value and thereafter stated at amortised cost using the effective interest method, less any impairment.

Creditors
Basic financial instruments, including preference shares that are classified as debt, are measured at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is initially measured at fair value and subsequently at amortised cost using the effective interest method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2022
and 30 June 2023 2,529,448
AMORTISATION
At 1 July 2022 2,266,335
Charge for year 263,113
At 30 June 2023 2,529,448
NET BOOK VALUE
At 30 June 2023 -
At 30 June 2022 263,113

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 123,938 275,561
Amounts owed by group undertakings 3,811 1,302
Other debtors 663 575
128,412 277,438

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other creditors 55,076 261,613

Fintry Renewable Energy Enterprise (Registered number: SC285958)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors - 61,500

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other Creditors - 123,000

The company has granted a security in favour of Scottish Enterprise.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

John Henderson (Senior Statutory Auditor)
for and on behalf of Henderson & Company

10. RELATED PARTY DISCLOSURES

The company is a wholly owned subsidiary of Fintry Development Trust. During the year ended 30 June 2023 the company made a donation of £718,000 (2022 - £20,000) to Fintry Development Trust.

At 30 June 2023 there was an amount due from Fintry Development Trust of £3,811 (2022 - £1,302).

11. ULTIMATE CONTROLLING PARTY

The company is controlled by Fintry Development Trust as the sole member. Fintry Development Trust is a private limited company limited by guarantee and incorporated in Scotland. Its registered office is Fintry Sports and Recreation Club, Kippen Road, Fintry, G63 0YA.